Remembering Lee Kuan Yew - Thank you - The nation with you in your final journey - See u in heaven

Remembering Lee Kuan Yew - Thank you - The nation with you in your final journey - See u in heaven
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Thursday, 2 April 2015

Keppel Land to sell its stake in Capital Square




GSH Plaza Office Space in Raffles Place Dist 1 for Sale

ALPHA Investment Partners, the fund management arm of Keppel Land, is planning to sell its 50 per cent stake in Capital Square, an office building in Raffles Place.

The property, developed by Keppel Land in 1998 with a net lettable area (NLA) of 388,215 sq ft, could be sold for up to $600 million, market watchers said.

The Straits Times understands that Alpha's Macro Trends Fund, which teamed up with NTUC Income to buy the Church Street property in 2011 for $899 million - or $2,300 per sq ft (psf) - is looking to sell the asset as the end of its fund life draws near.

Recent transactions in the Central Business District (CBD) include Keppel Reit's acquisition of 33 per cent of Marina Bay Financial Centre for $1.248 billion - or $2,790 psf based on NLA - and Sun Venture Group's purchase of the Straits Trading building for $450 million - or $2,800 psf based on NLA.

Capital Square comprises a 16-storey office tower spanning 340,605 sq ft of NLA, two rows of two- and three-storey shophouses with a combined NLA of 47,610 sq ft, as well as 362 carpark spaces.

Anchor tenants in the office building, which has floor plates spanning 30,000 sq ft, include Amazon, Bloomberg, Citibank and Morgan Stanley, while Aberdeen Asset Management occupies a row of shophouses. The building is now fully tenanted.

Monthly rents for Grade A offices in Raffles Place range from $12 psf to $14 psf, said property firms CBRE and JLL, which have been appointed joint marketers.

"The Singapore office market continues to perform strongly, with CBD office rents gaining over 14 per cent in 2014 - the strongest across the Asia-Pacific region," said Mr Greg Hyland, head of capital markets at JLL Singapore.

There are also "two or three new-to-market offshore buyers who are actively looking for core office investments in Singapore", said Mr Jeremy Lake, executive director at CBRE.

Interested parties are invited to submit expressions of interest.


Cheryl Ong
Published on 3 Apr 2015 Friday
The Straits Times - MONEY
ocheryl@sph.com.sg


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My Tribute to Mr Lee Kuan Yew - Remembering Lee Kuan Yew - The world should know his stories, his contribution and his final journey - The Legend - He will be in the heart of every Singaporean 








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